That will come as a surprise to many, given her catastrophic handling of the UK economy. Across the country, towns and cities are increasingly desolate as businesses close, jobs vanish and shops get boarded up. There\u2019s a real sense of decline and decay.<\/p>\n
Things were bad under the Tories<\/a>, but they\u2019ve only got worse under Labour, as Reeves\u2019s relentless tax raids crush sentiment. Growth stalled the moment she and Sir Keir Starmer<\/a> warned of \u201cdifficult decisions\u201d in last year\u2019s Budget. Everyone knew that was code for higher taxes \u2013 and they were right.<\/p>\n We got \u00a340billion in new levies last year, and we\u2019re heading for another \u00a330billion this November. Her \u00a325billion hike in employers\u2019 National Insurance has wrecked pubs, bars, restaurants and shops by driving up costs.<\/p>\n Rather than booming, too many towns look like they’ve gone bust.<\/p>\n But one city is booming thanks to Reeves. You\u2019d think she\u2019d be shouting about it, since she\u2019s so desperate for good news.<\/p>\n Yet she\u2019d rather we didn\u2019t know, because that flourishing, prosperous city isn\u2019t in Britain at all. It\u2019s in Italy.<\/p>\n Milan is having a high old time right now as the rich flock there to escape the Chancellor’s constant tax raids, according to The Daily Telegraph.<\/p>\n In Milan, property prices are soaring, private schools are bursting, and new hotels and serviced apartments are popping up everywhere. The streets are lined with luxury cars, discreet wellness clubs and expats snapping up trophy homes.<\/p>\n And many of them are either wealthy Brits or London-based foreign non-doms who until a few months ago were spending their money and paying their taxes here. Not anymore.<\/p>\n Italy has rolled out the red carpet for them, by charging a flat tax for foreigners of \u20ac200,000 (\u00a3174,000) a year on all overseas income, regardless of how much they earn.<\/p>\n It also frees them from declaring global assets for up to 15 years. These benefits can be extended to family for a modest fee.<\/p>\n Reeves, by contrast, is dragging non-doms into Britain\u2019s inheritance tax net, charging 40% not only on UK assets but worldwide wealth. Many face bills running into hundreds of millions of pounds, or even billions.<\/p>\n Unsurprisingly, they\u2019re not keen to pay. Milan\u2019s gain is London\u2019s loss.<\/p>\n Italy isn\u2019t the only winner. Dubai is teeming with newly arrived Brits fleeing Labour\u2019s war on wealth.<\/p>\n Nik Storonsky, founder of banking app Revolut, shifted his residency to the UAE after calculating that staying here could land him a \u00a33billion capital gains tax bill. It\u2019s hard to fault his logic.<\/p>\n Britain lost a net 10,800 millionaires last year, up from 4,200 the year before, according to a report by report by Henley & Partners and New World Wealth. Only China saw a bigger exodus.<\/p>\n This figure has been disputed. We won’t know for sure for a year or two, until HMRC<\/a> figures are in. But Reeves is taking a huge gamble as she looks to appease Labour class warriors.<\/p>\n The left will say good riddance. We don’t need the footloose cosmopolitan elite. The problem is, we need their taxes, their businesses, their investment and their spending. Instead, it\u2019s now going to Milan, Dubai and Switzerland.<\/p>\n